Confluent (NASDAQ:CFLT) Upgraded to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Confluent (NASDAQ:CFLT) from a hold rating to a buy rating in a report published on Wednesday, MarketBeat reports. They currently have $35.00 target price on the stock, up from their previous target price of $28.00.

Several other equities research analysts have also issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Confluent from $24.00 to $27.00 and gave the stock a neutral rating in a research report on Thursday, February 8th. Royal Bank of Canada boosted their price objective on Confluent from $35.00 to $37.00 and gave the stock an outperform rating in a research note on Wednesday, February 14th. Scotiabank increased their target price on Confluent from $22.00 to $28.00 and gave the company a sector perform rating in a research note on Thursday, February 8th. Mizuho dropped their price target on shares of Confluent from $38.00 to $36.00 and set a buy rating on the stock in a research note on Monday, April 15th. Finally, DA Davidson reiterated a buy rating and set a $37.00 target price on shares of Confluent in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, Confluent currently has an average rating of Moderate Buy and a consensus price target of $32.77.

Confluent Stock Performance

NASDAQ CFLT opened at $31.38 on Wednesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22. The firm has a market capitalization of $9.81 billion, a P/E ratio of -21.35 and a beta of 0.93. The business’s 50-day simple moving average is $30.20 and its 200-day simple moving average is $26.28.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. Equities analysts predict that Confluent will post -0.92 EPS for the current year.

Insider Activity

In other Confluent news, CMO Stephanie Buscemi sold 2,724 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the transaction, the chief marketing officer now owns 109,002 shares of the company’s stock, valued at $3,504,414.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Ying Christina Liu sold 4,109 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $132,104.35. Following the completion of the sale, the chief accounting officer now owns 123,497 shares in the company, valued at approximately $3,970,428.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Stephanie Buscemi sold 2,724 shares of Confluent stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $87,576.60. Following the transaction, the chief marketing officer now owns 109,002 shares in the company, valued at $3,504,414.30. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock worth $46,438,029 over the last 90 days. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CFLT. Coatue Management LLC purchased a new position in shares of Confluent during the 4th quarter valued at $134,132,000. Vanguard Group Inc. increased its holdings in Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after buying an additional 2,125,843 shares during the last quarter. Norges Bank bought a new position in Confluent during the fourth quarter valued at approximately $37,046,000. Trivest Advisors Ltd bought a new position in Confluent during the fourth quarter valued at approximately $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new stake in Confluent in the fourth quarter worth approximately $29,833,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Company Profile

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.